Skip to comments.Obamacare’s $70 billion pay cut
Posted on 02/10/2014 9:05:19 PM PST by 2ndDivisionVet
In his State of the Union address, President Obama urged Congress to give America a raise. Well, it turns out that Obama is giving America a $70 billion annual pay cut, courtesy of Obamacare.
That is the overlooked nugget in the new Congressional Budget Office report detailing the economic costs of Obamacare. While much attention has been paid to the reports finding that Obamacare will reduce employment by as much as 2.5 million workers, buried on page 117 (Appendix C) is this bombshell: CBO estimates that the ACA will cause a reduction of roughly 1 percent in aggregate labor compensation over the 2017-2024 period, compared with what it would have been otherwise.
Translation: Obamacare means a 1 percent pay cut for American workers.
How much does that come to? Since wages and salaries were about $6.85 trillion in 2012 and are expected to exceed $7 trillion in 2013 and 2014, a 1 percent reduction in compensation is going to cost American workers at least $70 billion a year in lost wages.
It gets worse. Most of that $70 billion in lost wages will come from the paychecks of working-class Americans those who can afford it least. Thats because Obamacare is a tax on work that will affect lower- and middle-income workers who depend on government subsidies for health coverage...
(Excerpt) Read more at washingtonpost.com ...
The rest of us are grist for the mill.
That's not a bad thing. It's worth a 1% cut in pay if we can be freed from job lock and sit at home collecting welfare instead, isn't it? Just ask any liberal in FedGov.
Too bad for wage-earners---yet, the parasitic Obamas live in the lap of luxury, sucking off the backs of struggling Americans.
The Obamas are itinerant, luxury-loving parasites, living high, greedily sucking at the public teat......(wire-transferring a bundle offshore for a cushy retirement and to finance Mrs O's political ambitions?).
NRO tallied what taxpayers are paying for M/M O to live large on the taxpayers' dime: a grand total of $1.4 billion per year:
Air Force One ($181,757 per hour), executive chef ($100,000 per year), three full-time White House calligraphers ($277,050 per year for the trio), chief of staff to the presidents dog ($102,000 per year), Ohaha's royal motorcade ($2.2 million). $100 million alone for the African apology tour.
$1.4 BILLION is the current annual cost of the White House just in household expenses, not including US policy operations for which the WH exists-- administered by some 900 parasites--- policy staff recruited by Ohaha.
There's the $100 million trip to Africa not including the foreign aid billions O handed out to these oil-rich satraps. There's serial Ohaha vacations costing taxpayers millions---- (the low estimate Hawaii vacays is $4 million each, but is probably five times that); the pricey Martha's Vineyard stays; Mrs O's costly trip to elite Marbella w/ an entourage of 30.
Mrs O's $3900 PER NIGHT in Ireland PLUS 30 more rooms for her entourage.
Ireland's Grace Kelly hotel suite.
TAXPAYERS SUFFERED RUINOUS HEALTHCARE CANCELLATIONS--BUT THEY PAY $7 MILLION FOR THE OBAMAS HEALTHCARE---NRO found the first familys yearly health-care costs Americans $7 million; the reason why only Boobamba himself was "enrolled" last month --and not his family.
Mrs O wore her pricey diamond bangles (bought on a govt salary?) at a DNC fund-raiser, attended by "tolerant and compassionate" Dems....raised big bucks to keep Mr O in office so he could work for "the poor." Her diamond Gothic cuff priced at $15,350 set with 2.17 carats in diamonds and the Quatrefoil bracelet at $11,800 set with 1.73 carats in diamonds. (Excerpt) Read more at houston.culturemap.com.
Mrs O wowed all the "tolerant and compassionate" Dems who hate the rich and support endless tax-paid programs "for the poor."
Mrs O has 24 assistants at her beck and call. Her
wardrobe, nails and hair pieces subsidized w/ tax dollars
of struggling Americans.